A Louisiana rent-to-own agreement is a document that allows a tenant to live on a property for a specific period and buy the property afterward if they choose to do so. It includes details like the lease duration, a locked-in purchase price for the home, an option fee, and rules for the tenant while they live on the leased property.
This arrangement benefits both parties, as the tenant can live on the property before deciding whether to buy it, and it allows the landlord to attract multiple prospective tenants.
Moreover, alongside this agreement, parties should consider using a rental application to vet potential tenants and a real estate purchase agreement to outline the terms of the property’s sale, making the process transparent and binding. These documents provide more advantages to a tenant than a standard lease agreement and help formalize the progression from tenant to homeowner in clear, legal terms.
Landlord-Tenant Laws: LA Stat. tit. 9 § 3251 through § 3261.2
Purchase Agreement Laws: LA Stat. tit. 9 § 2941 through § 2949 and LA Stat. tit. 9 § 3196 through § 3200
